RCap administrator opposes Rs 118 cr payout to Reliance General Insurance officials
Reliance Capital’s (RCap) central bank-appointed administrator has opposed the decision of Reliance General Insurance Company Ltd (RGIC) board to make a one-time special payment of Rs 118.41 crore to key managerial staff and directors of RGIC. RGIC is a subsidiary of RCap — part of the Anil Ambani Reliance group — which is going through the insolvency process.
RCap, with the approval of the committee of creditors (CoC) recently made an infusion of Rs 200 crore into the company for strengthening its solvency ratio, as prescribed by the Insurance Regulatory and Development Authority of India (IRDAI). The one-time special payment to the directors was approved by the RGIC board prior to the commencement of Reliance Capital’s insolvency process.
